I'm considering becoming a private/hard money lender. Where do you think a good place to start would be. Any suggestions for books, blog posts or how to find deals?
Thanks for your help in advance.
first learn your state laws.
Thank @John Thedford .
Any suggestions on where to go to get leads or find people that want hard money loans. I'm building a team that has a lawyer on it to keep us legally in check and someone with decades of experience to guide me. My biggest issue at the moment is finding people that want to borrow money.
I get lots of leads off of CL as well as the local REIA. Also, put your name out with some title companies. Some send me business.
I have purchased I'm sure thousands of dollars worth of courses and books over the years on investing. Unfortunately, 99% of the information you get even from the most expensive courses are only repackaged information said and sold another way. 90% of everything you need to know step by step you can find with google. The other 10% you will only learn through your own trial and error because your personal situation, personality, and resources are different and every combination cannot be solved with a book or course.
So my advice would be to read and understand the process. Start talking to people in your local area who are actually doing it and then start to analyze a few deals on your own. Pretend like you bought them and see what happens.
I hope this makes sense. Best of luck to you.
@Jeb Brilliant As far as leads, I would go to the once source that has consistent leads for your type of lending. The mortgage brokers, bankers and the banks and credit unions.
Let them know you have money to lend and the basic terms, but to have their borrowers call you to get a more accurate quote of your rates and terms based on the specifics of their deal. Most of these lenders do not do any hard money and they will refer you virtually anyone that comes in needing or looking for this type of loan.
pretty sure all lenders want leads?
why do you think I'm here? ;;]]
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